Senmiao Technology Inc. (NASDAQ: (AIHS) stock gained by 3.93% at last close while the AIHS stock price rises by 6.69% in the after-hours trading session. Senmiao offers a variety of automobile transaction and support services, such as sales, facilitation, and services for automobile purchase and financing, management, operating leasing, guarantee, and other automotive transaction services. It runs its own ride-hailing platform, which is focused primarily on developing online ride-hailing business in Senmiao’s Chinese markets.
AIHS stock’ Recent Development
For the month of August 2021, Senmiao Technology Limited released the operating stats for its unique online ride-hailing platform. Senmiao’s platform announced 530,000 finished orders in August 2021, compared to almost 1.7 million in July 2021. According to a news statement issued on September 14, 2021, the decrease was due to a new contract signed by the Company and Shanghai Lutuan Technology, an affiliate of Meituan (HK: 3690), China’s top e-commerce platform for services. Online ride-hailing requests and orders will be executed on Meituan’s platform using Senmiao’s network of cars and drivers for a predetermined monthly price, according to the new partnership agreement.
Under the new cooperation model, Senmiao leased cars and offered related services to around 1,200 Chengdu drivers who conducted their online ride-hailing businesses through the major platform in August 2021. Senmiao also launched its services in Guangzhou with Gaode Maps, with over 55,000 orders completed and approximately 48,000 new drivers registered in the city for the month.
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Senmiao’s online ride-hailing platform has accomplished roughly 12.7 million rides since its inception in Chengdu (October 2020), Changsha (December 2020), Neijiang (January 2021), Guangzhou (March 2021), and Nanchong and Panzhihua (June 2021). The number of completed orders is no longer the most meaningful statistic of the Company’s commercial performance, thanks to the Company’s collaboration agreement with Meituan. Senmiao will provide monthly reports on the amount of new drivers registered, in addition to already provided information, to provide additional insight into the company’s success.
